25 Aug 2015
EUR/USD creeps to session highs near 1.1565 ahead of German data
FXStreet (Mumbai) - The shared currency seems to regain its safe-haven status versus the US dollar in the early European trades, with the EUR/USD recovering losses above the mid-point of 1.15 handle, as the greenback recovery seen in Asia is fading as risk-off sentiment persists amid falling major Asian equities.
EUR/USD awaits German data
The EUR/USD pair trades -0.45% lower at fresh session highs of 1.1566, attempting to retest 1.1600. The major pares losses as the risk-off sentiments seems to be far from over as European traders hit their desks tracking mixed cues from Asian equities with Chinese markets extending the rout.
Earlier in Asia, the greenback struggled to recover from yesterday’s massive drop after markets clinged to the safe-haven appeal in the euro amid widespread panic that China's stock market crash would tank the global economy swept across financial markets.
Meanwhile, markets now remain cautious amid waning risk appetite as attention now shifts to German GDP and Ifo surveys due to be published later this session.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1584 (Today’s High), above which gains could be extended to 1.1675 (Jan 2015) levels. On the flip side, support is seen at 1.1525 (Today’s Low) below which it could extend losses to 1.1500.
EUR/USD awaits German data
The EUR/USD pair trades -0.45% lower at fresh session highs of 1.1566, attempting to retest 1.1600. The major pares losses as the risk-off sentiments seems to be far from over as European traders hit their desks tracking mixed cues from Asian equities with Chinese markets extending the rout.
Earlier in Asia, the greenback struggled to recover from yesterday’s massive drop after markets clinged to the safe-haven appeal in the euro amid widespread panic that China's stock market crash would tank the global economy swept across financial markets.
Meanwhile, markets now remain cautious amid waning risk appetite as attention now shifts to German GDP and Ifo surveys due to be published later this session.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.1584 (Today’s High), above which gains could be extended to 1.1675 (Jan 2015) levels. On the flip side, support is seen at 1.1525 (Today’s Low) below which it could extend losses to 1.1500.